Forward Air (FWRD) 8-K Forward Air Corporation Reports

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended March 31, 2014
	Expedited LTL		Truckload Expedited		Pool Distribution			Intermodal		Eliminations and other operations			Consolidated
Revenue	$	104,324	$	29,914	$	25,926		$	12,406	$	(1,001	)	$	171,569
Purchased transportation	42,676		20,243		7,122			4,317		(807		)	73,551
Salaries, wages, and employee benefits	25,281		3,834		9,340			2,923		44			41,422
Operating leases	4,986		130		2,477			758		—			8,351
Depreciation and amortization	3,851		1,194		1,284			681		3			7,013
Insurance and claims	2,469		605		785			268		—			4,127
Fuel expense	1,108		1,155		1,755			788		—			4,806
Other operating expenses	8,734		1,351		3,565			2,558		(180		)	16,028
Total operating expenses	89,105		28,512		26,328			12,293		(940		)	155,298
Income from operations	$	15,219	$	1,402	$	(402	)	$	113	$	(61	)	$	16,271

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended June 30, 2014
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	115,213	$	34,266	$	25,390	$	20,014	$	(1,031	)	$	193,852
Purchased transportation	46,853		23,240		6,594		6,921		(774		)	82,834
Salaries, wages, and employee benefits	26,317		4,111		9,261		4,664		38			44,391
Operating leases	4,822		81		2,000		1,262		—			8,165
Depreciation and amortization	4,129		1,380		1,422		817		3			7,751
Insurance and claims	1,714		467		518		405		—			3,104
Fuel expense	1,059		1,195		1,754		1,164		—			5,172
Other operating expenses	8,182		1,356		3,160		2,387		(245		)	14,840
Total operating expenses	93,076		31,830		24,709		17,620		(978		)	166,257
Income from operations	$	22,137	$	2,436	$	681	$	2,394	$	(53	)	$	27,595

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended September 30, 2014
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	119,000	$	33,728	$	28,812	$	21,189	$	(1,252	)	$	201,477
Purchased transportation	49,873		22,475		7,482		6,880		(836		)	85,874
Salaries, wages, and employee benefits	26,208		4,105		10,295		5,008		35			45,651
Operating leases	4,976		70		2,007		1,450		—			8,503
Depreciation and amortization	4,358		1,400		1,470		884		3			8,115
Insurance and claims	2,278		472		451		546		—			3,747
Fuel expense	944		1,101		1,765		1,202		—			5,012
Other operating expenses	9,690		1,476		4,004		2,899		(400		)	17,669
Total operating expenses	98,327		31,099		27,474		18,869		(1,198		)	174,571
Income from operations	$	20,673	$	2,629	$	1,338	$	2,320	$	(54	)	$	26,906

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended December 31, 2014
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	120,364	$	35,360	$	38,130	$	22,338	$	(2,130	)	$	214,062
Purchased transportation	52,601		24,255		10,154		6,898		(1,591		)	92,317
Salaries, wages, and employee benefits	28,150		4,049		12,924		5,427		91			50,641
Operating leases	5,022		93		2,473		1,386		1			8,975
Depreciation and amortization	4,316		1,393		1,539		1,000		6			8,254
Insurance and claims	2,325		589		1,353		489		2			4,758
Fuel expense	944		1,023		2,021		1,170		—			5,158
Other operating expenses	9,280		1,437		4,742		3,368		(503		)	18,324
Total operating expenses	102,638		32,839		35,206		19,738		(1,994		)	188,427
Income from operations	$	17,726	$	2,521	$	2,924	$	2,600	$	(136	)	$	25,635

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended March 31, 2015
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	122,207	$	34,472	$	27,224	$	23,027	$	(1,012	)	$	205,918
Purchased transportation	52,853		22,614		7,469		7,063		(662		)	89,337
Salaries, wages, and employee benefits	30,322		4,423		10,100		5,934		3,124			53,903
Operating leases	5,918		92		2,086		2,528		5,132			15,756
Depreciation and amortization	4,741		1,410		1,557		967		9			8,684
Insurance and claims	2,820		539		875		586		310			5,130
Fuel expense	935		894		1,286		901		4			4,020
Other operating expenses	9,733		1,289		3,635		3,059		3,123			20,839
Total operating expenses	107,322		31,261		27,008		21,038		11,040			197,669
Income from operations	$	14,885	$	3,211	$	216	$	1,989	$	(12,052	)	$	8,249

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended June 30, 2015
	Expedited LTL		Truckload Expedited		Pool Distribution			Intermodal		Eliminations and other operations			Consolidated
Revenue	$	155,858	$	39,395	$	27,684		$	27,494	$	(737	)	$	249,694
Purchased transportation	66,006		25,298		7,549			8,965		(336		)	107,482
Salaries, wages, and employee benefits	39,335		4,715		10,575			6,187		1,074			61,886
Operating leases	8,368		83		2,120			2,898		4,808			18,277
Depreciation and amortization	5,563		1,513		1,485			948		10			9,519
Insurance and claims	2,419		852		926			675		1,368			6,240
Fuel expense	1,134		895		1,284			869		6			4,188
Other operating expenses	12,237		1,898		3,758			3,634		667			22,194
Total operating expenses	135,062		35,254		27,697			24,176		7,597			229,786
Income from operations	$	20,796	$	4,141	$	(13	)	$	3,318	$	(8,334	)	$	19,908

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended September 30, 2015
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	149,114	$	38,515	$	32,126	$	28,889	$	(1,551	)	$	247,093
Purchased transportation	61,727		25,542		8,784		9,414		(1,033		)	104,434
Salaries, wages, and employee benefits	34,260		4,501		12,077		6,151		2,036			59,025
Operating leases	9,828		419		2,658		3,328		839			17,072
Depreciation and amortization	5,283		1,561		1,445		943		167			9,399
Insurance and claims	2,715		807		887		686		66			5,161
Fuel expense	1,001		783		1,314		727		1			3,826
Other operating expenses	12,706		1,732		4,406		4,104		627			23,575
Total operating expenses	127,520		35,345		31,571		25,353		2,703			222,492
Income from operations	$	21,594	$	3,170	$	555	$	3,536	$	(4,254	)	$	24,601

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended December 31, 2015
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	149,731	$	40,936	$	42,953	$	24,881	$	(2,081	)	$	256,420
Purchased transportation	61,908		27,570		11,213		8,314		(1,489		)	107,516
Salaries, wages, and employee benefits	37,568		5,222		15,778		6,059		1,162			65,789
Operating leases	8,410		197		3,463		3,030		67			15,167
Depreciation and amortization	5,407		1,671		1,476		923		79			9,556
Insurance and claims	2,467		726		1,083		621		54			4,951
Fuel expense	880		774		1,532		682		1			3,869
Other operating expenses	11,511		2,009		5,007		2,146		(116		)	20,557
Total operating expenses	128,151		38,169		39,552		21,775		(242		)	227,405
Income from operations	$	21,580	$	2,767	$	3,401	$	3,106	$	(1,839	)	$	29,015

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended March 31, 2016
	Expedited LTL		Truckload Expedited		Pool Distribution		Intermodal		Eliminations and other operations			Consolidated
Revenue	$	134,379	$	38,620	$	33,192	$	24,624	$	(1,266	)	$	229,549
Purchased transportation	53,441		26,561		8,877		8,433		(836		)	96,476
Salaries, wages, and employee benefits	34,884		4,972		12,707		5,989		126			58,678
Operating leases	8,038		78		2,880		3,008		(136		)	13,868
Depreciation and amortization	5,531		1,750		1,497		890		—			9,668
Insurance and claims	2,768		865		1,165		868		(271		)	5,395
Fuel expense	720		626		1,022		593		—			2,961
Other operating expenses	11,913		2,203		4,930		2,471		(419		)	21,098
Total operating expenses	117,295		37,055		33,078		22,252		(1,536		)	208,144
Income from operations	$	17,084	$	1,565	$	114	$	2,372	$	270		$	21,405

Forward Air Corporation

Summary Segment Results of Operations

(In thousands)

(Unaudited)

	Three months ended June 30, 2016
	Expedited LTL		Truckload Expedited			Pool Distribution			Intermodal		Eliminations and other operations			Consolidated
Revenue	$	144,693	$	39,440		$	31,525		$	24,189	$	(1,210	)	$	238,637
Purchased transportation	55,744		27,364			8,590			8,401		(832		)	99,267
Salaries, wages, and employee benefits	33,942		4,530			11,935			6,045		566			57,018
Operating leases	8,490		103			3,059			2,943		6			14,601
Depreciation and amortization	5,278		1,724			1,464			875		—			9,341
Insurance and claims	3,367		994			975			528		784			6,648
Fuel expense	814		565			1,073			547		—			2,999
Other operating expenses	12,137		2,000			4,800			2,093		(361		)	20,669
Impairment of goodwill, intangibles and other assets	—		42,442			—			—		—			42,442
Total operating expenses	119,772		79,722			31,896			21,432		163			252,985
Income from operations	$	24,921	$	(40,282	)	$	(371	)	$	2,757	$	(1,373	)	$	(14,348	)